Norway strikes oil in North Sea near British waters

Group 1: Norway's Oil and Gas Discoveries - Norway has drilled approximately 45 exploratory wells in 2025, with 12 yielding commercial quantities of oil and gas, including 30 in the North Sea where six were deemed economic [3] - Recent discoveries in the Norwegian North Sea include a successful wildcat well by Equinor, which found seven million barrels of oil, and additional finds by Harbour Energy and Aker BP [2][7] - The Norwegian Offshore Directorate describes the North Sea as a significant contributor to the Norwegian petroleum industry, with 69 fields currently in production [2] Group 2: UK Oil and Gas Industry Challenges - The UK oil and gas sector is facing a recession, contracting at around 15% annually and losing approximately 1,000 jobs per month due to high taxation and a ban on new exploration [4] - In October, UK production of oil and gas was equivalent to 33 million barrels, significantly lower than the production levels in 2000 and only a quarter of Norway's current monthly output of 126 million barrels [4] - Ed Miliband, the Energy Secretary, claims the UK's North Sea is in decline, while some industry experts argue that oil and gas will remain necessary for decades, with North Sea reserves capable of meeting much of the country's needs [5] Group 3: Economic Implications and Policy Differences - Claire Coutinho, the shadow energy secretary, criticized the UK for missing out on job creation, investment, and tax revenue that Norway is benefiting from, suggesting that the current policy could be seen as economic self-harm [6] - Norway's oil and gas policy aims to create a framework for the long-term profitable production of oil and gas, contrasting with the UK's restrictive approach [6]